If anything, the recent corporate conservatorships prove that risk analysis can ward off problems down the road, according to ALM First Financial Advisors LLC, which bought WesCorp's $1.7 billion investment book of business in 2006.

Dallas-based ALM First purchased WesCorp Investment Services LLC. Formed in 2000, the advisory group had 14 clients with $1.7 billion under management at the time of the deal. The acquisition gave ALM First more than $8 billion in funds under management and helped open key West Coast markets. Today, it manages $7.5 billion for more than 110 clients. WesCorp still maintains a minority board seat at ALM First.

"We've worked with other corporates in the country, usually for safekeeping and overnights," said Tom Manley, a partner with ALM First. "We don't have much impact due to the conservatorship."

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